Got HAFA and two home loans. Well your short sale will be a bit more difficult for your short sale agent to get approved. It used to be that the second lender would be happy to sign off for $6,000.00 and allow you out of their loan. Under HAFA guidelines your first lender can offer them up to $8,500.00 to release your second lien. Lately I have been running into short sales were the 2nd states they will not allow the short sale to continue unless they get the full $8,500.00
HAFA is a set of guidelines for lenders to follow, but that’s it they are just guidelines. Many first lender will only offer 6% to 8% of the amount owed up to the maximum of $8.500 which ever is less to a second lien holder. Example you owe $70,000 to the second lender the first will offer $5,600.00 but the second stonewalls your short sale agent for the full $8,500.00. Your short sale agent has to fight with both your lenders to get your short sale approved. Get a short sale expert to fight the good battle and get your short sale approved.
HAFA = Home Affordable Foreclosure Alternatives. One benefit to the home owner via the HAFA short sale process is the relocation help you the seller will receive at the closing in the amount of $3,000.00 and a complete release of the balance owed period. you get a fresh start.
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